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Archive: 13 May 2018

Posts in 13 May 2018

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 6396 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Live Course on How to Reply to GST Notices & SCN & to Fake ITC Notices? – Last day to Register

May 15, 2024 19407 Views 0 comment Print

Join our live course to learn expert strategies for replying to GST notices, SCNs, and fake ITC notices. Understand litigation nuances, evidence insights, and practical tips for effective responses. Register now!

Are Free Credit Scores Really Free?

May 13, 2018 2211 Views 0 comment Print

Now a day, top online financial aggregators are offering free credit report/score on yearly as well as on monthly basis, are these credit scores really free?

Addition U/s. 68 for Capital contribution to firm by partner

May 13, 2018 4242 Views 0 comment Print

Pr. CIT Vs. Vaishnodevi Re foils & Solvex (Gujarat High Court) When the assessee has furnished the details with regard to the source of the capital introduced in the firm and the concerned partner had confirmed such contribution, the assessee had duly discharged the onus cast upon it. Thereafter, if the assessing officer was not […]

Film Projector entitled for higher rate of depreciation of 60%

May 13, 2018 10179 Views 0 comment Print

Assessing Officer in disallowing the claim of Depreciation amounting to Rs. 91,87,713/- on the alleged plea that the Film Projector is to be depreciated @ 15% instead of 60%,

Re-Assessment notice after 4 years without Approval of CIT or CCIT is Invalid: Delhi HC

May 13, 2018 1839 Views 0 comment Print

1. Whether ITAT was correct in law in holding that the notice issued by the Assessing Officer u/s 148 of the Act beyond the 04 years after the end of relevant assessment year was bad in law as the necessary approval of Chief Commissioner or Commissioner of Income Tax as per the provisions of Section 151 (1) of the Act had not been obtained by the Assessing Officer

Provisions of DTAA prevails over Section 206AA : Delhi High Court

May 13, 2018 3963 Views 1 comment Print

The Delhi High Court, while hearing the writ petition of DANISCO India Private Limited, has read down the provisions of section 206AA of the Income Tax Act, 1961 which mandates deduction of tax at source (TDS) at twenty percent on payments to non-residents since the provision of DTAA would prevail over the said provision.

Mere Voluntary Surrender of Income not absolves assesse from Penalty: Delhi HC

May 13, 2018 1311 Views 0 comment Print

A division bench of the Delhi High Court, last day held that mere voluntary surrender of income without disclosing its source cannot rescue assessee from facing penal consequences under the Income Tax Act.

For imposition of penalty law in force at the time when the return was filed would be applicable

May 13, 2018 1278 Views 0 comment Print

Hon’ble ITAT upheld the position of law as iterated by CIT (A) that it is an established law applicable for imposition of penalty that law, as in force, at the time of filing of Return would be applicable.

Margins derived on export of parts to AE are not comparable with margins derived from sales in domestic market

May 13, 2018 546 Views 0 comment Print

Margins derived on export of parts to AE are not comparable with the margins derived from sales made in the domestic market. Besides, on facts, it was also found that not only the parts and finished goods are not comparable, but the class of customers to whom they sold is also different.

Latest amendment in Pradhan Mantri Rojgar Protsahan Yojana Scheme

May 13, 2018 14019 Views 2 comments Print

Latest Amendment to the PMRPY Scheme: dated 24thof April, 2018- Government of India will pay the full employer’s contribution (EPF and EPS both) as admissible from time to time w.e.f – 01.04.2018 for a period of three years to the new employees and to existing beneficiaries for their remaining period of three years through EPFO. The terminal date for registration of beneficiary through establishment is 31st March, 2019.

Petty Defaults – Higher Penalties in GST Regime

May 13, 2018 32793 Views 21 comments Print

Under the Goods and Services tax Act, there are cases where small procedural lapse which is generally ignored and which is easily rectifiable may lead to big penalties. In this write up, I tried to list out all small lapses which may lead to big penalties which I observed are generally ignored even today in many business places. The Tax officers are levying penalties for these lapses already. Quantum of penalties is really alarming. Penalty for the non-compliance is costlier than cost for complying the same.

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